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Retirement Planning Company – Highwood, IL

For anyone in "Generation X" - described as folks born between the mid-1960s and also the early 1980s - retirement planning sounds like something your parents or other "old people" would do. But guess what? With lots of "baby boomers" either already in the midst of retirement or observing it on the horizon, "Generation X" will be the next generation of folks to reach old age. Sure, it's still a ways off, but people in their 30s and 40s must start focusing their investment planning on retirement and ensuring they've got the kind of retirement they are working so hard to enjoy. Here are some tips on preparing for retirement:

Retirement life in the future will be different than the retirement in the present day. It will be far better in some ways, and worse somewhat. However, the retirement planning for today's workforce must be far different than it was in earlier times.

On the bright side, folks are living longer than ever. As of not too long ago, the average life span of an American was 77.9 years, exactly 2.5 years greater than the average life span in 1990 and more than 4 years more than the average life span in 1980. Therefore investment planning for retirement has to account for a longer period of time now than a generation or two in the past.

Social Security and Retirement - Highwood, IL

On the down side, Social Security is going to be a far less trustworthy income source than it is now. And also the likelihood is slim-and getting slimmer each year-that retirees 20 and 30 years from now will be able to rely on a work pension and enjoy lifetime benefits from their former workplace. More and more, retired persons will have to depend on their savings to cover the expenses of just living and medical health insurance.

With folks living for a longer time and needing extra money to do so, retirement planning is a vital activity even for those who are half way to the standard retirement age of 65. It may be an intimidating task to plan for a couple of decades into the future, especially with bills, housing costs and mortgages to pay today, but procrastinating won't make it any less difficult.

Putting even just a little bit of cash into a savings account that serves as a retirement savings plan can pay off in the future. The interest you receive on money in a savings account will allow your initial investments to grow to something sustainable. A savings account will provide a place where you can acquire capital earning a little interest rate until there is enough to invest in a reliable security which will yield you more like a municipal bond.

Another good strategy that may surely and steadily build a nest egg is to invest in long-term bonds. Upon maturation of the bond, you will get back your initial investment along with all the interest that collected over the lifetime of the bond. That's a tremendous amount of money for a 20- or 30-year bond-money that may provide a good foundation for retirement. And a municipal or government bond is really as safe an investment that you can ever make.

401K and IRA With Retirement - Highwood, IL

Nonetheless, the best approach when it comes to retirement planning is to put money in a 401K plan at your workplace or in an IRA opened with an investment house. For the people for whom a 401K isn't a retirement planning option, an IRA is the next best thing. Money put in this account is tax deferred and might be tax-deductible, depending on how much is invested every year.

For more info, please don't hesitate to contact GC Financial Advisors Ltd. at any time and we will be happy to help you! We offer 401K and IRA rollover and review services for folks in the Highwood, IL area.

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